IG demo account – How to use it – Trading tutorial
Table of Contents
Demo accounts are the most helpful way of knowing one’s market competence and financial decision-making capabilities. Demo accounts are important, especially for beginners.
Learning how to trade by investing real money can prove risky for investors who do not have any market experience.
Nobody wants to risk their savings without having adequate knowledge of the thing with which they deal. In such a case, demo accounts prove a great relief to the newcomer traders. Not only beginners but even experienced investors can use the demo accounts and enhance their knowledge further.
IG is a renowned online trading platform that offers users the advantage of learning how to trade with the help of a demo account. With the help of an IG demo account, you can learn the intricacies of the market without having to risk anything.
Even if you have experience as a trader, you might want to try the services of a new trading platform before becoming a part of its community. In that case, you can use an IG demo account to find whether the online trading platform is suitable for you.
For beginners, the IG demo account is of paramount importance. It is because stepping into the real trading market can be risky without adequate knowledge. Therefore, one can sign up for an IG demo account before switching to a live trading account. It will help them understand the functioning of the online trading platform and brush up on their knowledge of trading.
Let us find out more about the IG demo account.
What is an IG demo account?
When a trader invests in CFDs, forex, or any other financial instrument online, he must know the market volatilities. Many beginners step into the world of online trading with a huge amount of funds but a lack of knowledge. They invest their funds in various financial instruments but lose their life savings because of wrong financial decisions and strategies.
An IG demo account can help the traders get rid of this issue. With a demo account, traders can learn how to devise proper investment strategies and minimize their losses.
They also learn about the functioning of the market through a demo account. An IG demo account is just like a live trading account. The only distinction between the two is that you do not have to fund your demo account with real money.
When you sign up for an IG demo account, it gets credited with virtual funds to help you trade. With the help of these funds, you can learn about the strength of your financial decisions and help yourself devise the right strategies for the financial win.
An IG demo account comes equipped with most of the features of the IG live account. However, unlike your live trading account, you cannot deposit or withdraw funds from your IG demo account.
For depositing and withdrawing funds from your IG trading account, you should switch to IG live trading account. However, it would be better to consider doing so only when you have mastered the art of executing the right investment decisions at the right time.
Your IG demo account gets credited with virtual funds amounting to 10,000 GBP. You can use this amount to invest across various securities and train yourself to perform in the market. Further, you can learn about profitable trades with the help of these virtual funds and brush up on your trading skills.
How can IG demo account help you?
We know that an IG demo account can help beginners understand the trading basics. It can also help traders understand how the online trading platform works. Apart from this, an IG demo account offers other benefits to the traders. Let us look at these benefits briefly.
Managing risk efficiently
We know that a trader’s IG demo account gets credited with 10,000 GBP. He can use these funds and invest them in any security he thinks is right. There is absolutely no risk of loss since these are only virtual funds.
When trading with a live account, many beginners want to invest everything they have at once. This decision causes trouble to many beginners when they incur unbearable losses. However, through your IG demo account, you can invest all the 10,000 GBP and test your knowledge, decision-making, and investment strategies.
Even if you incur a loss through your demo account, there would not be anything about which you should worry. However, you can learn plenty of things through these mistakes you make on your IG demo account. You can implement the lessons you learn while investing your real money and manage risks effectively.
In-depth market analysis
A demo account bridges the gap between how you think the securities perform in the market and how it does. IG demo account has many features of an IG live account so that you can find all the leading stocks, indices, commodities, forex, CFDs, etc., on your IG demo account.
Through your IG demo account, you can make an in-depth market analysis of any security in which you want to invest your funds. You can look at the market trends of these securities and decide whether or not it is worth investing your funds.
IG demo account can help you test the decision of investing in particular security without the risk of losing anything.
Devising a plan
IG demo account can teach you the importance of planning for your trades. You can build and improvise your trading strategies with the help of a demo account. Practicing trading through a demo account will ensure that you make more profits on your trades and minimize the losses. You can try risky investments on your IG demo account without losing a penny.
In this way, you can find a perfect investment plan and use it in your live trading account.
Signing up for an IG demo account is very simple.
Let us tell you how to sign up for an IG demo account without much effort.
How to open a demo account?
You can get a trial of the IG trading platform by signing up for an IG demo account. To open an IG demo account, you can follow these steps.
- Visit the IG website.
- Click on the ‘Create demo account’ option to sign up for your IG demo account.
- Now, you can fill in all the details in the window that appears to open your IG demo account. These details include a username, password, email ID, your name, contact number, etc.
- After this, you can click on the ‘try our demo’ option to complete the process of signing up for an IG demo account.
- An email notification will reach you containing all the details of your IG demo account.
- After completing this process, you can successfully sign up for an IG demo account. As soon as you open your demo account, IG will credit it for 10,000 GBP. You can use these virtual funds and build your trading experience.
How to use the demo account?
Using an IG demo account, you can work out successful trading strategies for yourself. If you are only beginning your journey, you can learn about the functioning of the market through your demo account.
You can use your IG demo account by simply logging into it using your login credentials. You can enter your username and password and access your IG demo account.
Your IG demo account will have most of the features of the IG live account. You can also access the leading stock, indices, cryptocurrencies, forex, etc.
The virtual funds in your IG demo account can be used to invest across these cryptocurrencies, stocks, forex, etc. For example, if you suspect that the price of any particular security is going to rise in the future, you can invest your virtual funds in that security. This way, you can learn a lot by analyzing the prevalent market trends.
An IG demo account will help you make the right financial decisions at the right time. The most tempting part of this training is that a trader does not fear monetary losses. He can practice as much as he wishes to and finally switch to a live trading account when he is ready.
Features of IG demo account
IG offers its clients many features in the demo account. Some of these features are similar to the live trading account. However, a user cannot deposit or withdraw funds from his IG demo account as it is only virtual money. When using an IG demo account, you can experience the following things.
We have already discussed that IG credits the user’s demo account with 10,000 GBP that he can use to learn to trade. You can use this dummy cash to buy the financial instrument you think will reap profit in the future.
An IG demo account lets you explore multiple options. With these options, you can learn the art of risk management and monitor the market in different ways.
Another feature of the IG demo account is that it is free of any risk. With an IG demo account, you get to practice trading without fearing any loss of funds. You can easily avoid investing your real money only to learn to trade.
Plenty of technical tools is yet another feature of the IG demo account. You can analyze price trends, movements, market performance, etc., with the help of these tools. Without these technical tools, one cannot learn how to trade.
Apart from these features, IG also offers many market research tools to its demo account users. With these tools, beginners can conduct thorough market research and plan the right investments.
Your IG demo account will let you access all the IG trading platforms, including the MetaTrader.
Charges for creating an IG demo account
The benefit of learning to trade with the help of an IG demo account is that you need not pay anything for it.
| IG demo account charges | $0 |
As an IG demo account user, you don’t have to pay any fees, even for the virtual funds that get credited to your demo account. Learning about the market through a demo account is totally free of any charge. You can enter the real trading world well-equipped with all the knowledge without paying any fees for opening a demo account.
However, if you wish to switch to an IG live trading account, you might have to incur some charges. You can consider shifting to an IG live account once you are confident of your trading skills.
IG demo account expiry
IG offers you a chance to learn to trade free of any cost for two months. Your IG demo account expires after you use it for two months. After that, you have an option to renew it by paying 30 GBP per month. So, IG does not offer you the benefit of using a demo account for an indefinite period. After two months, you can pay 30 GBP to continue using your demo account, or you may sign up for a live trading account.
IG demo account balance reset
You cannot reset your IG demo account balance. However, if you ever run out of funds in your IG demo account, you can always click on the ‘add funds’ option to add more virtual funds.
You can enter the amount with which you want to top up your IG demo account balance. It gets credited to your demo account, and you can use it to build a trading experience.
When should you shift to an IG live trading account?
After building a trading experience with your IG demo account, you can shift to a live trading account anytime you want. However, you should note that trading through a live trading account will require you to invest real funds.
The risk of losing money always persists when investing through a live trading account. Therefore, you should consider switching to a live trading account only when these things happen when you trade through your demo account.
More than half of your positions are winning trades in your IG demo account. If more than 50% of your trades are profitable, it points to successful decision-making and market strategy. You can shift to a live trading account when you make more profits than incurring losses.
You can shift to IG live trading account once your risk and fund management skills improve. It will happen when you can balance your profits and losses efficiently.
Benefits of IG demo account
IG demo account benefits its users in many ways. Some of these benefits are
- A trader can get an experience of the real trading world with the help of IG dummy cash. He need not deploy his own money.
- With an IG demo account, you can test multiple investment strategies and explore various options.
- You can learn how to use the technical tools and charts and research the market deeply with your IG demo account.
- The IG demo account is free of any charge, so you can learn how to trade without the stress of paying any fees for the same.
Pros of IG demo account | Cons of IG demo account |
Risk-free learning | None |
Helps in market research and in building investment strategies | |
Technical tools and charts | |
Free of any charge |
Conclusion
If you are a novice trader and looking for a platform to learn to trade, IG is the best fit for you. You can sign up for an IG demo account without any cost. You can learn the basics of the trading world and build an effective trading strategy for your investments.
You can practice trading and learn about the market fluctuations with your IG demo account. Your IG demo account gets credited with virtual funds of 10,000 GB, which are sufficient to practice trading. However, you can always top up your IG demo account balance by adding more funds when you need them. Once you are positive about your trading skills, you can switch to a live trading account.
FAQ – The most asked questions about IG demo account :
Can I open an IG demo account?
Yes, IG provides its users an opportunity to learn and practice trading through a demo account. You can open your IG demo account by clicking on the ‘Create A Demo Account’ option.
What details should I enter to sign up for an IG demo account?
To sign up for an IG demo account, you only need to add your basic details like name, email, contact number, etc. In addition to this, you might also have to enter the details of your PAN card.
Do I have to pay any fee for signing up for an IG demo account?
IG demo account comes free of cost to all users. You can enjoy the benefits of your IG demo account free of any charge for two months. After that, you might have to pay fees to the broker to continue using your demo account.
How much funds do I get in my IG demo account?
Your IG demo account gets credited with 10,000 GBP, which you can use to practice how to trade. Once you run out of these funds, you can add more funds to your IG demo account. For this, you only have to click on the ‘add funds’ option and enter the desired amount.
Does the IG demo account involve fees?
IG demo account offers its clients an option to trade without any fee. You are not charged anything to use the demo account. Besides, traders get to access all the top features that make trading fun for them. The demo account is similar to the IG live trading account. You can access all markets and underlying assets on the IG demo account.
What amount of funds will I receive on my IG demo account?
You will get a fund of 10,000 GBP on the IG demo account. You can use it to rehearse how to trade. If you’re a beginner, this trading platform can be a great choice to move forward with. Once you are out of stock of these funds, another option is available. To make use of it, you must select the “Add Funds” button. Specify your chosen amount after that. And shortly the money will arrive in your account.
Is the free IG demo account available indefinitely?
The IG demo account is, in fact, totally free. So, you get a great chance to practice forex trading and stock trading for free with an IG demo account. However, after 2 months, you must pay to keep using the demo account.
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Last Updated on January 27, 2023 by Arkady Müller
